$3.65 million for Red Hill property

Not to mention two more sales reported in the canberra crimes today of 3.5 million for an awful o’malley style house in forrest and over 4m in red hill (I believe around 4.2) for a house on an average (for old red hill) sized block.

Even the north side had a sale approaching the 2 million mark!

Game, set and match I think..

Further to my previous comment three sales of 3.05 million, 2.65 million and 2.5 million have recently been completed. When you add in the sale of a non waterfront apartment for 2 million and a unrenovated house on a (relatively small) block of 1500m for almost 2 million then you have to say the above sale looks reasonable value.

Another couple of sales in excess of 2.5m in forrest & redhill are expected in the next month – a ‘standard price point’ has clearly been established snahon. Free market conditions are very much prevailing as the wealthy in canberra have done very well in the last 5 years & this is now starting to flow through into prices of premium real estate

prices of this magnitude are typically free of market conditions (at least in canberra) so the price merely reflects the purchasers desire to be located in an ‘exclusive’ area of canberra. ie ‘standard’ price points are forgotten/ignored.

People who want (& can afford) a nice house on a large private garden and dont want to live out in the sticks. Funny that you say ‘wastes’ indy – this property has returned almost 1.4m in 4 years for the owner. Perhaps you shouldn’t comment on a subject on which you are completely ignorant.

Embassy maybe?

Indi – exactly. Alternatively buy 10 very basic 2-3 beddy homes and stick them all on the rental market!

I’m curious as to just who wastes in the order of $3million here – harbour views, beachfront etc seem more worthy of such investment.

Its a good example of a free market. If someone wants to pay that much, let them. Personally I wouldn’t, but I have different priorities.

This segment of the market is quite small, volume-wise, so it’s not necessarily an indication of a wider market move.

You idiot! Its only the houses in Old redhill (about 40 blocks only) – contained within the boundaries of monaro crescent, flinders way. mugga way & melbourne avenue – and forrest that have the top prices.

The rest of red hill, including the red hill shops area does not compare and is much more like the brereton st stuff you describe.